Gas Prices Cause May Surge in Inflation

Consumer price index rose to its highest since January 1983


Gas Prices – May 2022

Statistics Canada says the annual inflation rate jumped to one of its highest levels not seen in 40 years last month with the big punch coming from gas prices.

The consumer price index in May rose 7.7 per cent when compared to numbers from last year, its largest jump since January 1983.

The biggest increase came from energy prices which leaped 34.8 per cent from a year ago with gas prices up 48 per cent.

Excluding gasoline, the annual inflation rate for May rose 6.3 per cent with 5.8 per cent in April.

Food costs also saw a rise of 9.7 per cent compared to a year ago, matching the increase of April.